BIOSYS, INC. RAISES AN ADDITIONAL $700,000 THROUGH ITS PRIVATE PLACEMENT; Company Raises a Total of $7.3 Million.COLUMBIA, Md.--(BUSINESS WIRE)--March 29, 1996--BIOSYS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq NM: BIOS) today announced that it has raised an additional $700,000 in conjunction with its private placement which was completed on March 25, for total net proceeds to the company of $7.3 million. The company sold an additional 75 shares, bringing the total private placement to 780 shares at $10,000 each, convertible into common stock for the first seventy four days after the date of issuance at $6.75 per share and thereafter at the lesser of $6.75 per share or a formula price which is a function of a 15% discount off a five day average closing bid price. A conversion premium accretes at the rate of 8% per annum and is convertible on the same terms. biosys has redemption rights under certain circumstances. The shares are automatically converted into common stock three years after issuance. The transaction was placed through Swartz Investments, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control with accredited investors. Dr. Edwin C. Quattlebaum, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of biosys, commented, "We are extremely pleased to announce an infusion of additional cash into the company. As a result of the private placement, our financial position has been strengthened, and we are now well positioned to continuing working toward our goal of future growth and ultimately, profitability for the company." biosys is a leader in the development and commercialization of biological products worldwide, primarily for insect control applications, based on multiple technologies, including nematodes and baculoviruses, as well as environmentally benign pheromone pheromone Any chemical compound secreted by an organism in minute amounts to elicit a particular reaction from other organisms of the same species. Pheromones are widespread among insects and vertebrates (except birds) and are present in some fungi, slime molds, and algae. products. biosys also has a contract fermentation business unit, which scales up and produces fermentation products for third party clients. biosys has active research programs in a variety of areas, including nematode nematode or roundworm Any of more than 15,000 named and many more unnamed species of worms in the class Nematoda (phylum Aschelminthes). Nematodes include plant and animal parasites and free-living forms found in soil, freshwater, saltwater, and even vinegar and pheromone product development, baculovirus baculovirus group of rod-shaped, double-stranded, DNA viruses which infect and kill a large number of different invertebrate species especially insects, including Lepidoptera, Hymenoptera, Diptera, Neuroplera, Trichoptera, Coleoptera and Homoptera, and also prawns; used as production via both in vivo and in vitro methodologies, and applications of recombinant virus technology. CONTACT: biosys, Inc. Dr. Edwin C. Quattlebaum President and CEO Mr. Michael R.N. Thomas Vice President and CFO See Chief Financial Officer. (410) 381-3800 or Financial Contact: Lippert/Heilshorn & Associates, Inc. Keith Lippert/Kristen Mahan (212) 838-3777 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion